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Wednesday, 21 December 2016

Rupee bounces back, opens 10 paise higher at 67.93 per dollar

The Indian rupee recovered in early trade Wednesday after hitting 68 against the US dollar in previous session. The dollar yesterday traded near its 14-year high on hopes of better US growth going ahead and a fastest pace of rate increases in 2017. It has opened higher by 10 paise at 67.93 per dollar versus 68.03 Tuesday. Despite yesterday's dollar gain, recovery in the rupee can be expected as 68-68.20/dollar is a crucial support level.

The trading range for the spot USD-INR is seen between 67.70-68.20/dollar. Dollar held strong above 103 mark after Federal Reserve Chair Janet Yellen's comments about the labor market reinforced the notion of a faster pace of US interest rate hikes next year than had been expected.